Vivo had been planning for a long time to launch Vivo Pay payments service, its own home country payment system. Finally, after the launch of the Vivo NEX 3 5G smartphone in China, the Vivo Pay is being launched in partnership with China Mobile Alliance.
Vivo Pay will first be available on seven smartphones. Presently, Vivo Pay is supported by 18 banks and 17 million merchants across China.
Vivo Pay would support various other payment methods starting from mobile phone flash payment, card code integration to online payment and label payment. Vivo mobile phone flash covers 17 cities and over 900 regional bus lines as well as 18 city bus cards.
Opening the Vivo Pay is a very smart move on Vivo’s part as the company already has more than 250 million customers. This huge number of customers would only make a smooth transition to the financial business, increasing Vivo’s revenue by a significant number.
Other than Vivo Pay payments, the company has also announced the Vivo Wallet service. Shi Yujian, the Senior Vice President of Vivo is hoping that in the future the company would have even more investors and partners on-board.
Wang Lei, the former President of Netease Finance, was supposed to join the team to lead this new venture by Vivo, the Vivo Pay. However, it turns out he is joining the Vivo team but not as the leader of the financial team but as a general manager.
Apart from having a Ph.D. degree in Computer Science, he is also experienced with technical team management, payments services, consumer finance, wealth management, and blockchain.
Vivo is not the only smartphone manufacturing company who has gone into the financial business by launching such a service called the Vivo Pay. Brands like Huawei, Xiaomi, Samsung, and Apple, have started their own financial payment services.